New Delhi: India’s crude oil imports from Brazil rose 75 per cent year-on-year in the first half of 2025 to 72,000 barrels per day (b/d) from 41,000 b/d, according to S&P Global Commodity Insights. The surge comes as both countries explore deeper trade ties in the backdrop of fresh US tariffs impacting flows of Russian oil.
S&P data showed the shipments, largely from Petrobras, were dominated by Lula/Tupi grades accounting for 43 per cent of flows, followed by Sepia (28 per cent) and Atapu and Peregrino (14 per cent each). Indian Oil Corporation and Reliance Industries were the main buyers, with most cargoes discharged at IOC’s Paradip terminal and the heavy-sour Peregrino grade at Reliance’s Sikka terminal. The last discharge was on May 18, when the VLCC Donoussa delivered 1.9 million barrels of Sepia and Atapu at Paradip.
“Brazilian crude exports to India will be closely watched in the coming months, particularly as both countries navigate the impact of US tariffs related to Russian oil imports,” Benjamin Tang, head of liquid bulk at S&P Global Commodities at Sea, said.
While Russian oil continues to flow into India, refiners are diversifying sources amid uncertainty over future sanctions. The US has imposed a 50 per cent tariff on imports from India in response to its Russian crude purchases.
Following the announcement, Prime Minister Narendra Modi spoke with Brazilian President Luiz Inácio Lula da Silva. Both leaders, along with Petroleum Minister Hardeep Singh Puri during his recent visit, discussed enhancing crude trade and collaboration in offshore exploration. Brazil, which also faces 50 per cent tariffs on its exports to the US, has said it plans to build alternative trade partnerships, including with India.
According to S&P, India’s upstream exposure in Brazil remains limited but is set to rise. ONGC and BPCL hold stakes in offshore assets, with new projects such as SEAP 1, SEAP 2 and Wahoo expected to raise entitlement production to about 40,000 barrels of oil equivalent per day (boe/d) by 2028.
